SEC to act on abusive short selling: source
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Mon, 15 Sep 2008 05:28:17 GMT |
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WASHINGTON (Reuters) - U.S. securities regulators plan to take action on abusive short selling of stock before the end of the week, a source briefed on the matter said on Monday.The measures come as Lehman Brothers Holdings Inc prepares to file for bankruptcy protection, intensifying concerns that other major financial stocks will continue to plummet.The Securities and Exchange Commission will likely adopt two proposals designed to strengthen its short-selling rule, the source said.The SEC will also move forward with a plan that would shorten the time traders must buy back the stock if they fail to deliver a security by the settlement date.The SEC will not reinstate a temporary emergency rule that required traders to preborrow stock before executing a short sale.(Reporting by Rachelle Younglai; Editing by Quentin Bryar)
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